All Forum Posts by: Ryan Perrone

@Tony Kohnle Hey Tony, you're right, I'm not focused on one specific investment type. I'm going to need help in finding the right deal,  and someone with local knowledge of the market and neighborhoods. 

@Sarah Young Thank you for the recommendation! I remember John replying to my initial thread when we moved here from Miami and were looking for neighborhood advice for a rental to live in on James Island.  Just reached out

Thanks everyone, I'm sure I'll have many more questions. I've never researched a topic so long, to still feel like I have so much to learn. 

In the time since I first joined biggerpockets,  we've launched a roofing company that's being franchised nationally, a toxicology lab, a scrubs company with Patch Adams' foundation, and a handful of other ventures - but investing in real estate I feel like a permanent neophyte! It's kind of cool, and I appreciate the endless amount of content and learning to digest

Hey David, let's see if someone local pops up 1st before we go outside of the BP community - I'll let you know! Thanks for reaching out!

I'm preparing for my first local buy here, now that I've lived here for 2 years.  I am looking for a 4 or higher multi-family off the pennisula, or possibly a solid foreclosure in james island / west ashley for a short term rental.

More than anything I need an agen t with with way more experience locally than I have.  Fixxer upper in Folly for the vacation crowd?!  2 4 units in North Charleston? Something else?!

I'm open to it all, and would love additional opinion

Thanks,

Ryan

I own a popular weekly rental in the northeast, and I'm looking to buy in Charleston right now.  Real estate investing isn't something i'm doing as a serious form of income generation right now, but I'll be slowly growing my portfolio as we travel around.  

Okay so here's the situation -   I own a bunch of businesses, no W2 income, just K1's , 1099s and the like.  I don't look the best on paper for traditional lending.  I have access to private money but prior to tapping it I want to fully understand how to go about this in a way that is respectful to my friends,  simple and organized.

1)  The house I'm looking at is $560,000 ;   With my credit score being a mess, should I just borrow the 20% down payment ($112,000) ? Will a traditional bank work with me regardless of credit score with 20% down?  Or would I be better off just borrowing the full 560,000 from private money - is traditional lenders not even possible with a bad credit score right now?

2) Assuming I go private for the full amount,  how do I structure this?  Promissory note and he has 1st in line on the property?  Close friends, never have done real estate before,  what interest rate would you think is fair to him, and good for me, assuming ~4% is current 30 yr fixed?

3) Say 3 years in I want to refi to a traditional lender from my private note;  is that a typical practice? 

Like I said, completely new to this, but trying to get my ducks in a row. I fully understand I may not have a grasp on all of the logistics, so any help is greatly appreciated.

Thank you

Thanks everybody, we're moving to James Island on the 15th!  Kind of by that large county park.   

The next thing on the agenda for the spring will be to find a small multifamily fixer upper in the  Charleston area, fix it, rent it, and come back when we're done traveling.  We're so excited, Charleston's going to be great

Thanks everyone for being so helpful, it's really appreciated.  I forgot to mention in my re-post that we are looking to rent for our 1st year, as we get acquainted to the area, and the lifestyle.  

We were looking at a house on James Island, it's really nice but not sure of the layout.  Question - do any houses in the Charleston area have basements? I'm seeing 4 bedroom+ houses, but I assume it's too low lying for basements?

We're moving from Charleston from South Florida. We're late 20s early 30s, looking for a fun downtown scene, good restaurants,  and a nice place to live.  It seems like Charleston has a a lot to offer in terms of large houses, and communities, but where would you - the Charleston real estate professionals - suggest we start our search?

We have a dog and want to be able to walk her on sidewalks,  real nice neighborhoods, maybe a park, and not more than a 15 minute ride to downtown. 

Price isn't an issue, we just want to hit those marks -  nice place, great Charleston feel, and a fun enjoyable life for our first year in the carolinas.

Thanks

Ryan